The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1887-01-01
silver history.


We are indebted to the combined wis
dom and craftsmanship of Thomas Jeffer-
son and Alexander Hamilton, for the es-
Enlistment of our coinage and the intro
duction of our decimal system. Hamilton,
Secretary Of the Treasury, made an elabor-
ate report to Congress in 1892. As the
principal coini in circulation, and with which
our people were familiar, was what was
known as the 'sSpanish milled dollar" he
urged the coinage of silver money, making
that as the standard unit Of measure. The
relative value of silver and gold was estab-
lished at fifteen pounds Of silver to one Of
gold His opinion was that both metals
should be coined, as, fixing either as the
unite, the other would be only merchandise.
The free coinage of both metals was pro-
vided for.
On account Of the softness of the metals
and their consequent liability to loss by
wear, an alloy of harder metals was used.
The gold coin was made HIP fine, being
the game as adopted in England, the alloy
ltQ,eQnsist of equal partsyof silver and cop
=, 795 the Frehch rule was adopted
:V71 Der cent. aaiiiiesy The alloy in silver
bin was composed Wholly :
the beginning of this century there had
been coined S697 $50 gold and 81 ,215, 1873
silver and S50,111 in copper cents and
half cents. Our gold coin was in eagles
and half-eagles-ten and five-dellar pieces.
In 1898 foreign coins were leagalized
and made a legal tender at specified rates
for three years and no longer. The Pres
ident issued proclamation that at the ex-
piration Of that time these must be recoin-
ed. After 179f lie, Spanish dollars were
the only legal tender foreign coin for a long
period:
In 1903 the entire coinage Of Be United
States amounted to. only S8,S46;f46. On
the 1st Of January, 1856, our coinage
amounted to S128, 1913, 55S, Of which $685.
479,612 was gold
In 1884 our silver disappeared, because
overvalned, andthe gold dollar was changed
from twenty-seven to twenty-five eight
tenth grains, and the relation Of
gold was made sixteen instead OF ficwS to
one. Gold dollars were first coined -
1910. In 1858, on account Of the expor-
tation of our small silver coin, and its con-
sumption in manuf ctures, by law of Con-
gress all our subsidiary coin was made 10
per cent light.
Hence it is that it takes eleven dimes to
equal dollar in weight, and ten-cent-
piece must be added to -four quarters or two
half dollars to weigha dollar. To COM
pensate for this they were mere tokens, and
only legal tender to the amount of SIS in
any one payment.
The dollar of 4121 grains of standard
silver has always been legal tender in
payment Of debts to any amount. It's legal
tender quality was not destroyed by the act
sarreptitiously struggled through Congress
IN 1873. 1t was simply dropped from the
coinage. Those already coined were money
for all purposes and to any amount. Com
paratively small number had ever been
issued from the Mint.
The trade dollar, composed of 40 grains,
or seven and one-half grains more than the
regular coin, was designed for the tea trade
Of China and Japan. 1t was made a legal
tender, like the subsidiary silver coin, to
the amount Of So; but, in bad faith to those
who held them, their legal tender quality
was withdrawn, and they are no longer
money for any purpose. To those who
think that the money value ola coin depends
upon the metal it contains this is puzzling
problemI "
The issuing of coin certificates to circu-
late as currency was first proposed and
strongly urged by Thomas Corwin, Secre-
tary Of the Treasury in the administration
of President Fillmore Congress refused
10 adopt the recommendation of Mr.. Cor
win. As gold and silver SO soon lose theif
full weight by wear, the suggestion wa
wise, even in an economic point Of view, TO 1
say nothing of the greater convenience Of
the certificates.
The gold and silver certificates are a
very popular circulating medium, but they
are not legal tender in payment of indi-
vidual debts, but as they are receivable for
custom duties and all public dues they be-
GENE in effect legal tender, and no one
would ever think of refusing them in pay
ment Of any obligation They should be
clothed BY law with full legal tender func-
tons. 1t is a curious fact that they are the
only paper money we have ever had which
has an exclusively coin basis, dollar for
dollar, and yet not legal tender The
greenbacks and the National Bank notes
are based upon the credit Of the Govern
ment and not upon coin Our old State
bank and wildcat currency had sisAll
basis Of coin and large one Of conidi1ce.
What the people want is safe, rels9|e,
uniform and ample volume Of money tgat
It's volume should not depend upon fii8 III.
arice Or caprice Of money dealers, but upopl
the requirements Of business and trad
There is arapidly growing public ssntime
that all money should be issued BY the q
eminent, whether gold, silver, greenh
Or certificates, shall be interchaneea
alike legal tender. It Is d.
concern what may be the price,
modify Or material Of Fhich It is q
yided that il is exchaDgeabIe
perty at its stamped value
holders Of gold Gre anxi6Qs
for silver certificates, Ia
whining about zevena